Here’s another Black Swan for ya. I almost feel like I am playing the old video game Carnival. In the first round, one shoots animated ducks as in a carnival shooting gallery. If I could find a programmer who wanted to mess with it, a change to shooting down Black Swans rather than ducks would be most helpful now.Germany’s bonds are sovereign debt. Holding notes against sovereign debt is supposed to be safe; Germany’s sovereign debt is considered safer than safe. After all, it’s managed by Germans.
Still, investors are so wary of the state of the Euro now that not enough of them bought German bonds. Only 3/4 were purchased.
European stocks took a big hit on this news.
This makes me even more frightened of global economic collapse than I was before tonight.
NB: I stole the headline from the Financial Times* because I liked the alliteration. Here’s the link to the FT article. I have exceeded my limit of free articles for the month.
*Formerly known as the Financial Times of London. FT has a capitalist bias but it is not the same kind of rag that Murdoch made of the Wall Street Journal.